Posted on 02/13/2005 10:41:05 AM PST by nsmart
Hurt? It will kill the new home business, I know for a fact. The fair tax will benefit import-exporters and help with our trade deficit, until the WTO rules it illegal and forces us to eliminate it on imports. That may not happen, but it would not surprise me.
Oh puh_leeez. The people who post it have very little understanding of what they post.
LOL, are you kiddding me? No incentives???? It is a 30% incentive, which is huge. Resturants will have second cash registers that they don't report and pocket the tax Other businesses will do the same. How will anyone know if they sell 10 or something or 12? It will be very hard to track in most circumstances. 30% is a huge chunck of change in any business.
And I wouldn't be surprised if geezer is not getting $400-800 to post to FreeRepublic.
Man you are dreaming, where do I sign up!!!!
Geezer, can I donate? I don't believe it AR but I really don't care if they are.
LOL, VA manages to take care of my needs for the most part. At this rate you guy's 'll be turn'n me into a profit center.
Actually I do have a little side business on FR, just wait till you find out what it takes to get off'n my ping list ;O)
Hurt? It will kill the new home business, I know for a fact.
Really? For a fact, hmm. When was the last time you you built a new home without having to pay income or payroll taxes or carry the overhead associated with those taxes and none of you suppliers did either?
It is not exactly a mystery to what I pay in income and paroll taxes, but it certainly is no where clost to 30%, and I doubt it is that high for my suppliers either. And just how do I and all my suppliers get our employees to take a 30% pay cut. I really want to know.
It doesn't have to be. Why do you ignore all of the upstream costs? Your lumber company will have less cost - and if he doesn't find a way to use it competitively, he'll lose your business to another lumber yard that uses the savings more efficiently. Indeed, every single one of your suppliers will either make use of the cost savings or lose business to competition that uses the savings better.
You yourself will save on payroll taxes - but so will your suppliers...etc ... it's the accumulation of cost savings like this that mean prices will be about the same even after the nrst is added.
One employee or ten zillion employee's at 7.65% is still only 7.65%...Why is that so difficult for you to grasp?
It is not exactly a mystery to what I pay in income and paroll taxes, but it certainly is no where clost to 30%, and I doubt it is that high for my suppliers either.
It's not in what is paid in taxes, it's in what it costs in overhead trying to keep those taxes down to the minimum. Some manage zero taxes paid, but the ultimate overhead doing it gets em regardless. You know things done to keep the IRS out of the pockets like the cost of tax consultants, accountants, relocating to more tax friendly environs when staying afloat is at issue, the costs to meet IRS audit requirements especially when they don't agree with one's assement of taxes owed or income earned, not to mention the legal fees, fines and penalties that arise of of that latter little ditty.
It's that lemon asset or extra piece of hardware your accountant convinced you to purchase for the business for its tax sheltering and deductible properties that never seem to pay off because it didn't add to the bottom line either. It is that foregone project that was scotch because the tax considerations just made it not worth the return. Its the lost sales from having to price higher than optimally or the loss of losing that prospective employee to the competition because the overhead just did allow you to offer a better starting salary.
There's alot more to the costs of the current income/payroll tax system that check or no check to the IRS.
And just how do I and all my suppliers get our employees to take a 30% pay cut.
Lets see, no business income or payroll tax system overhead or tax, no NRST on business purchases, and your employees take a 30% paycut because business cost have gone down?
I have never made but one prayer to God, a very short one: "O Lord, make my enemies ridiculous." And God granted it.
-- Voltaire
You think the fair tax will hurt your home building business, I think it could, initially, but the long run ecomic boom will make you very wealthy.
I doubt home building will feel all that much of a pinch when folks have the leverage of a full gross paycheck to work with to build the nestegg with to get that new home. Qualifying for new and used homes both is going to be easier as far as I can see.
I note that American General Contractor's Association, doesn't seem to be all that worried about losing business in their Ways & Means hearing testimony concerning the Fair Tax Act.
Pretty stong endorsement. Let's who's pocket they are accused of being in.
Actually the way it goes is,
If you are for anything at all, you have to be in some's pocket.
If you are against everything, you're saving the world from a fate worse than death.
If you are against everything, you're saving the world from a fate worse than death.
I tell you geez, I'm a fiscal conservative who's been whistling past the graveyard for 30 years while congress guts the economy along with the SS system that I have contributed a fortune to. The two best ideas I have heard from Washington in all that time are 1) privatize some or all of SS and 2) eliminate the income tax and replace it with a consumption tax. I understand the angst that some people feel but freedom from the shackles of government can never be bad, even if it's not a return to 1776 economics.
Signing off for now. I have to trade my futures account early. I don't know why I bother because when I make money the govenment takes it away.
I have been working to see one or the other of the two much of my lifetime, to see both even on the horizon is a blessing at my age.
Gives me some hope for the kids(well no quite kids anymore) and grandkids.
I'm assuming that all the FedGov will want to know from me is how much I paid my employees. Sounds like a pretty simple report to me. Joe Blow -- $19,500 Jill Green -- $19,500 etc
"Who do you believe has more credibility than economists?"
"I'll take the psychic hotline for $100 Alex...."
Fine. You totally reject the notion that one of the objectives of tax reform should be to adopt one that is more pro-growth. Are you also opposed to simplicity and fairness, the other two primary objectives of the President's commission?
"Second, you would need legions of black marketeers to have any appreciable effect on the the system as a whole."
"The legions would materialize faster than you can say Al Capone."
Wasn't someone accusing the FairTax supporters of exaggerating earlier on this thread?
"The fair tax will benefit import-exporters and help with our trade deficit, until the WTO rules it illegal and forces us to eliminate it on imports. That may not happen, but it would not surprise me."
Ridiculous. What is the WTO going to say when we point out that we are taxing imports exactly the same way that we are taxing our own production? Are they going to argue that we should reinstate the preference that our old tax system gave to imports? LOL
"LOL, are you kiddding me? No incentives???? It is a 30% incentive, which is huge. Resturants will have second cash registers that they don't report and pocket the tax Other businesses will do the same."
Geez, you are really in a panic about this, aren't you? Your imagination has been working overtime!
Who was it complaining about the exaggerations of the FairTax supporters?
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